FLP Teleconference

The American Bar Association Section of Real Property, Probate and Trust Law and the ABA Center for Continuing Legal Education is sponsoring a teleconference on March 8, 2007 entitled Dos and Don’ts of Family Limited Partnerships.

Here is a description of the program:

The improper formation and operation of a family limited partnership (FLP) can expose your clients to potential attack by the Internal Revenue Service (IRS), particularly under Internal Revenue Code (IRC) Section 2036.

In this teleconference and live audio webcast, our expert faculty will provide a practical guide to dos and don’ts for FLPs in the context of recent cases, focusing on formation, operation, and audits.

Attend this program to hear from two tax litigators (whose cases include McCord, Caracci, Stone, and Bongard) discuss strategies for avoiding the application of both IRC Section 2036 at all stages of FLP implementation and operation, and the IRS’s indirect gift theories, among other topics.

After listening to this program and reviewing the accompanying course materials, you will be able to:

• Determine when it is not feasible to create a FLP
• Optimize FLP formation to avoid IRS attacks
• Advise clients on proper FLP operation
• Counsel clients during IRS examination of FLPs